Just two months ago, Eric and I bought an existing vacation rental business in Idyllwild, California, with the intention of renovating the existing units and building 10 to 15 new cabins on the property.
This acquisition is our first step in building a hospitality brand known as Freewyld, a world-class short-term rental operation focused on secondary markets near large metropolitan areas. Places for city dwellers to get away and reconnect with nature.
So, what progress have we made in the last eight weeks? What are our wins so far? And what challenges have come up?
On this episode of Get Paid for Your Pad, Eric and I sit down to describe how the Freewyld project is going, explaining how we’ve upgraded the marketing for our new listings and why we’re booking exclusively on Airbnb right now.
We share the challenges we’re facing on the development side of the project and discuss how we’re shifting our focus in light of a changing construction timeline.
Listen in for insight on doing a scenario analysis before you take over a short-term rental business and find out how we got Strawberry Creek up and running in just eight weeks—and increased its revenue by 20%.
What surprised us about our guest avatar
- Many new to using Airbnb platform
- Much younger than expected
Why we’re booking exclusively on Airbnb
- Leverage reputation as hosts to book new listings
- Build catalog of 10-plus reviews for each unit
Why ‘the barn’ is struggling to get bookings
- Least attractive property of 4 units available
- Needs redesign to update experience
How we've upgraded the marketing for our new listings
- Reduce number of photos (must ALL bring value)
- Tell story of experience through pictures
The challenges we’re facing on the development side
- Backup in county permitting office
- Additional 6 to 12 months to get approval
How we’re pivoting in light of a changing timeline
- Focus on buying more existing STR communities
- Enlist help of project manager to find leads
The benefit of doing a scenario analysis before you buy
- Run numbers for worst-case scenario
- Ensure investors will still get return
Our top wins since taking over Strawberry Creek
- Business up and running in under 2 months
- Increase revenue by 20% without renovations
Hostfully [Discount Code PAD]